Nationwide Building Society is considering making a bid for the 316 branches that Royal Bank of Scotland was due to sell to Santander, it was reported yesterday.
The mutual is looking at an offer as speculation mounts over which firms will bid following the collapse of the deal with Spanish lender Santander.
RBS had planned to sell the assets – 316 branches and 40 banking centres for small and medium-sized businesses – to Santander in a deal approved by the European Commission as a condition of receiving state aid.
Santander agreed in August 2010 to buy the assets, but it pulled out earlier this month as it became apparent a revised target for the purchase to be completed by the end of the year would not be achieved, with the group also blaming the complexity of RBS’s technology platform.
Virgin Money has also been linked to a bid for RBS branches that were due to be sold to Santander. Other potential suitors are thought to include US private equity firm JC Flowers and buyout firm NBNK.
